From the above table, calculate the Gross National Product.
A. N70,000 B. N75,000 C. N50,000 D. N60,000
Correct Answer: B
Explanation
The formula to calculate the components of GNP is Y = C + I + G + X + Z. That stands for GNP = Consumption + Investment + Government + X (net exports, or imports minus exports) + Z (net income earned by domestic residents from overseas investments - net income earned by foreign residents from domestic investments.)
